On June 21, the State Council Information Office held a press conference on the Hainan Free Trade Port (FTP) Law. Feng Fei, the Governor of Hainan introduced details of the promulgation and implementation of the Hainan FTP Law.

Feng said, talent are essential factors for the FTP, especially overseas talents. Hainan has issued a large number of policies to attract overseas talents. It has now achieved Visa exemption with 59 countries, and has been improving  management for work permits and recognition of professional qualifications.

The negative list for foreign investors will bring greater investment opportunities. The FTP will fully open its market to investors, except for areas that may relate to national security, social stability, key aspects of environmental protection and key national interests, while foreign investors will be eligible to enjoy the same conditions as their domestic counterparts.

Meanwhile, greater efforts will be made to reduce business risks, Feng said, adding that there will be zero tolerance of any act that takes advantage of the Hainan FTP as a "tax haven". The law will help to support longer-term business plans for foreign investments in Hainan.

The draft of the law has been deliberated during the 28th and 29th meeting of the 13th NPC Standing Committee in April and June this year. It was finally approved unanimously on June 10.